Farm Economy

The same week Congress released the proposed CR that included $31 billion in aid for producers, a Farm Journal poll asked farmers for their thoughts on whether Congress should pass economic aid.

The stopgap deal to avoid a government shutdown includes $10 billion in direct payments for farmers, $21 bllion in ag disaster aid, a one-year extension of the 2018 farm bill and year-round E15.

The House of Representatives released its Continuing Resolution text, which includes a one-year extension of the 2018 farm bill, $10 billion in farmer economic aid, $21 billion in ag disaster funding for 2023 and 2024 and year-round E15 sales.

A one-year extension of the 2018 farm bill, tied to the continuing resolution, has sparked intense negotiations over economic assistance to farmers.

The eroding health of the overall farm economy was the emphasis of the latest Ag Economists’ Monthly Monitor, which is a survey of nearly 70 leading agricultural economists from across the country.

Agricultural groups said over the weekend they do not support year-end spending package sans economic aid for ag producers.

The Fertilizer Institute’s 2024 Fertilizer Industry Economic Impact Study details the contributions of the U.S. fertilizer industry to the economy and also explains the global nature of fertilizer markets.

As federal policy decisions tend to heavily impact rural industries, the outcome of the 2024 election promises to significantly shape the rural economy in the year ahead. CoBank’s annual report outlines what to expect.

Large-scale family farms (GCFI of $1,000,000 or more) accounted for 48% of the total value of production and 31% of agricultural land in 2023.

While it’s unclear how Congress will push through the Farm Assistance and Revenue Mitigation Act, it’s likely going to be via the Continuing Resolution. Depending on how payments are calculated, farmers could receive $101 per acre for corn, $53 for soybeans and $73 for wheat.